Quote:
Originally Posted by rahl
This is what I don't understand. Wasn't the bailout bill supposed to make it super easy for people to now refinance mortgages?
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The important thing to remember is that by refinancing you are essentially telling the bank you are now a lower risk than you were previously; otherwise, a lower rate is probably out of the question. But the good thing is, by virtue of having built some equity and having a history of payments, you are automatically a lower risk, but the problem is that most banks are now more averse to risk than they were a few years ago. It might be a bit of a trade off. Either way, it's probably worth refinancing, especially with the current rates so low.
---------- Post added at 09:18 AM ---------- Previous post was at 09:15 AM ----------
Quote:
Originally Posted by rahl
I really don't know if it's worth refinancing if I have to pay thousands of dollars in closing costs all over again.
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You should really do the math. Sometimes spending a few thousands dollars is worth it if you are to save far more than that down the road.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
Last edited by Baraka_Guru; 03-23-2010 at 07:34 AM..
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